Local May 2024 sales and trend information courtesy of The Crawford Group.
Investor Buyers scams are very rampant in today’s market environment.”
These scammers play on the owner’s lack of confident information, emotional distraught and not knowing their options. Just recently we ran across another horror story. We had a scheduled listing appointment with Client A, set a couple of days out. The client mentioned they have some financial uncertainties and need to sell quickly. We told them we would provide them with a current market valuation of their property at the appointment.
The appointment date came, the client provided us a tour of the home, and we asked the reason for selling. The client mentioned that his employment had been downsized, they hadn’t found a new career position and savings had all been used. The client was in a very precarious situation and needed a solution quickly. We started the presentation of the comparable properties and the market evaluation of the client’s home. The home was in average to above condition, the client’s home priced for a quick sale would easily value in the 325-335,000 range and would net the client back after all their financial obligations and expenses around $170,000. All was going good with the listing presentation, then the Client said, I may have made a mistake, I think I signed a contract. I was thinking that he meant a listing agreement with another realtor and was starting to pack up things.
The Client asked if he could get out of what he signed, that he liked the numbers we presented much better. I told him that he was probably committed, but would look at the document, that our Far Bar contracts have verbiage about defaults, etc. The Client showed me the 1 PAGE contract that they had signed, it was blatantly vague and one-sided and suggested that he get an attorney. The contract was for a quick close but had verbiage in it that the buyer could automatically extend the closing 60 days without the sellers’ permission. The best part (or most intriguing) was the Client would only net an estimated $20,000 if no other repairs came into play.
This Client’s nightmare ensued in a better outcome. The client called the Buyer and asked for a release and cancellation of the contract his emotional distress had caused him to react too quickly. The Buyer granted the release to his surprise. The truth is the real estate transaction will become even more important to have representation by a qualified Realtor®, experienced in the ever-changing market.
As we look at the Plant City housing data, May 2024, our market area had 174 homes sell, a record high with new construction contributing over 60% of the units. We had 214 under contract and 219 available for sale. New construction will play a bigger part in the rest of the year with several new developments building out. We are carrying about 1.97 month’s supply housing inventory, but this number is hard to determine with homes being built.
In May 2024, the average sold price was $367,845, or an average price per SF of $194.03 compared to the previous month, these data points decreased 3.6% and 2.7% respectively. New construction homes accounted for 107 units last month at an average price per SF of $182.62 discounted almost 14% compared to other sellers in the market.
The prevailing mortgage rates from Freddie Mac for the average 30-year-term loans have bounced around the 7.05 to 7.22% levels. Now, the Fed meetings are still projected to have two to three rate cuts before the end of the year, which will help new buyers come online to purchase homes.
So, what about the coming months, people will be buying and selling homes, prices are slightly increasing. We are progressing into the spring/summer buying season, typically we have the strongest buying demand during this time, with inventories low and the current lending rates the new norm. The supply-demand models will dictate the new market levels.
I cannot express enough this importance, if you are in the market to buy or sell your home, please seek an experienced professional Realtor® to assist you in this transaction process. There are too many consequences without proper experienced representation. Get the real scoop on our market. If you have any questions, want a market value analysis of your home, or see what’s available to purchase, please reach out.
M Crawford
Crawford Group
Sales Snapshot
The following residential properties were a sample listed as sold on the Greater Tampa Realtors Association MLS in May 2024 for the Plant City Market Area.
The home at 1317 Tennessee St sold May 20 for $145,500. Built in 1962, it has 2 bedrooms, 1 bath and 782 square feet of living area.
The home at 707 Whitehurst Rd sold May 24 for $235,000. Built in 1977 it has 2 bedrooms, 1 bath and 1120 square feet of living area.
The home at 245 Alexander Woods Dr sold May 31 for $245,000. Built in 2015 it has 2 bedrooms, 2.5 bath and 1466 square feet of living area.
The home at 3706 Sunflower Field Pl sold May 24 for $279,990. Built in 2024, it has 3 bedrooms, 2.5 bath and 1673 square feet of living area.
The home at 2310 E Newsome Rd sold May 29 for $305,000. Built in 2024, it has 3 bedrooms, 2 bath and 1269 square feet of living area.
The home at 1109 N Shannon Ave sold May 30 for $325,000. Built in 2001, it has 3 bedrooms, 2 bath and 1440 square feet of living area.
The home at 3457 Silvermeadow Way sold May 23 for $330,000. Built in 1993, it has 3 bedrooms, 2 bath and 1573 square feet of living area.
The home at 2322 S Fairway Dr sold May 15 for $349,900. Built in 1987, it has 3 bedrooms, 3.5 bath and 2125 square feet of living area.
The home 2102 Elmwood Ct sold May 24 for $375,000. Built in 1977, it has 3 bedrooms, 2 bath and 1920 square feet of living area.
The home at 3427 Silvermeadow Way sold May 21 for $390,000. Built in 1994, it has 3 bedrooms, 2 bath and 1903 square feet of living area.
The home at 7611 Loghouse Rd sold May 6 for $423,000. Built in 1995, it has 4 bedrooms, 2 bath and 2052 square feet of living area.
The home at 1803 Blue Orchid Ave sold May 30 for $439,900. Built in 2024, it has 4 bedrooms, 3 bath and 2575 square feet of living area.
The home at 2901 Forest Hammock Dr sold May 16 for $460,000. Built in 2001, it has 4 bedrooms, 3 bath and 2165 square feet of living area.
The home at 3209 Charlie Taylor Rd sold May 24 for $510,000. Built in 1918, it has 6 bedrooms, 2 bath and 2204 square feet of living area.
The home at 5024 Gallagher Rd sold May 31 for $740,000. Built in 2006, it has 4 bedrooms, 2.5 bath and 2152 square feet of living area.
The home at 4809 Justin Ln sold May 7 for $1,040,000. Built in 1995, it has 3 bedrooms, 3 bath and 2225 square feet of living area.